Vimba cryptocurrency exchange and savings platform – July 2020 review
Vimba can help you grow your bitcoin holdings by putting away as little as $20 a week.
1
Fiat currencies
2
Cryptocurrencies
Details
| Product Name | Vimba Cryptocurrency Platform |
|---|---|
| Fiat Currencies | NZD |
| Cryptocurrencies | BTC, ETH |
| Deposit Methods |
Bank transfer |
| Trading Fee | 3.5%+ |
| Deposit Fees | None |
| Withdrawal Fees | None |
Pros
- An easy way to get access to bitcoin and Ethereum in New Zealand
- Automatic payment system you can set and forget
- ‘Buy Now’ feature for instant purchases
- Ideal for those who are getting started with cryptocurrency
- Ideal for those who want to gradually grow their bitcoin or Ethereum holdings
- Payments from as little as $20 per week
Cons
- Only bitcoin and Ethereum available
- Transactions are limited to $2,000 per month
- Four-day time delay between making your payment and receiving your bitcoin
- Limited to New Zealand accounts
How does Vimba work?
Vimba (formerly MyCryptoSaver and MyBitcoinSaver) is a platform that helps you purchase bitcoin or Ethereum using New Zealand dollars. The platform offers two main services:
Vimba subscription
Rather than promising a get-rich-quick scheme, Vimba’s subscription can help you save cryptocurrency over time.
Here’s how the process works:
- First, you need a wallet – Vimba recommends the Blockchain.info wallet – and a bitcoin or Ethereum address
- Next, you sign up to Vimba using your bitcoin or Ethereum address, mobile number and email address. There’s no cost to set up an account.
- From there you set up an automatic payment from your bank account with the details that Vimba sends you. Each week you make an automatic payment in NZD, and Vimba exchanges your dollars for cryptocurrency that gets deposited in your wallet. If you don’t want to pay weekly, you can also choose to make payments fortnightly or monthly.
Vimba instant buy
Vimba’s “Instant Buy” feature allows users to instantly buy bitcoin or Ethereum.
- Sign up to Vimba and click the “Buy Now” tab on the homepage.
- Select whether you want to buy BTC or ETH and enter the amount you will spend.
- From there, you can view the rate Vimba is offering and how much cryptocurrency you are expected to receive.
- Click “Buy Now” and enter your details into POLi payments. You can then confirm your purchase.
What cryptocurrencies does Vimba offer?
Initially, Vimba only offered a payment service for bitcoin. However, in May 2018 Vimba announced it had introduced Ethereum, with customers able to purchase Ether tokens from 8 May 2018 onwards.
The company also announced it was working to include other cryptocurrencies – a new cryptocurrency can be expected later in the year.
The company announced its name change – from MyBitCoinSaver to Vimba – at the same time as it introduced Ethereum.
Available countries
Vimba is a truly New Zealand way of buying crypto – it’s only available to those located in New Zealand with a New Zealand-based bank account.
At the time of writing (May 2018) the company indicated it would soon expand into the United Kingdom.
Which payment methods are available?
Vimba operates on an automatic payment system. Customers set up regular (usually weekly) payments from their bank account into their Vimba account.
One-off payments are also available, however, there is an upper limit of $2,000 per month.
Users may use the platform’s “Instant Buy” feature to purchase between $50 and $2,000 of bitcoin or Ethereum through POLi.
Vimba fees and charges
Vimba claims that because it buys cryptocurrencies in bulk, these fees are lower than usual for the customer – around 1% of the amount purchased.
The standard transaction fee on top of this is 3.5%.
So, if you deposited $100 per week, you’d pay around $4.50 per week in fees.
Vimba’s website says that other fees may include an international money transfer fee, bitcoin exchange fee, bitcoin trading fee, bitcoin network fee, and others, but there are no details of the precise charges, so you should make sure you understand exactly how much you’ll be charged before you proceed with any transaction.
How fast will my funds be available?
From start to end, the process of receiving your cryptocurrency subscription takes several days. Vimba processes transactions on Mondays, then holds all funds for two days to filter out any fraudulent payments. Bitcoin and Ethereum are purchased by the company on Fridays. Once the crypto purchase has been made, customers receive their share in their wallet within half an hour.
Vimba’s cryptocurrency subscription is not intended for users wanting to make a quick trade.
If you’re looking for to buy cryptocurrency quickly, you can make use of Vimba’s “Instant Buy” feature for quick purchases. According to Vimba, your purchased cryptos are normally delivered to your wallet address around 20 minutes after you have completed your order.
In August 2018 Vimba launched its “Instant Sell” feature, allowing you to instantly sell any amount of bitcoin saved through Vimba. The process takes a few hours, but it can take up to 24 hours. The “Instant Sell” feature is for bitcoin only.
Are there any transaction limits?
| Service | Minimum amount | Maximum amount |
|---|---|---|
Vimba cryptocurrency subscription | $20 (per transaction) | $2,000 (4-week limit) |
Instant buy | $50 | $2,000 |
Instant sell | $50 | Whatever bitcoin you’ve saved through Vimba |
Note that Vimba’s subscription service has very strict limits on the total monthly amount that can be deposited.
For example, you might choose to deposit $500 p/week, make fortnightly payments of $1,000, or even make a one-off deposit of $2,000 each month. If you try to deposit more than $2,000 per month, Vimba will refund your money.
Is it safe to use Vimba?
Vimba has been around since 2014, which is quite a long time in the cryptocurrency world. Its careful way of trading – small amounts only, once a week, and holding customers’ money to ensure no fraudulent transactions – gives Vimba credibility.
However, be aware that New Zealand banks are reluctant to do business with companies that trade in cryptocurrencies. The banks claim this is because of the high risk of cryptocurrency being used for illegal purposes.
In July 2017, Vimba had to stop trading for six weeks until it was able to find another bank that would accept its business. Another New Zealand cryptocurrency trader was forced to halt trading in February 2018 for the same reason.
Customer support
At the time of writing (May 2018), Vimba cannot be contacted by phone. However, customer support is available via email, and is answered by a New Zealand-based staff member.
Vimba is active on Twitter and Facebook, where it often makes announcements, updates exchange rates and answers questions.
Pros and cons of using Vimba
Thinking of using Vimba? Here are some of the advantages and disadvantages.
Pros
- An easy way to get access to bitcoin and Ethereum in New Zealand
- Automatic payment system you can set and forget
- “Instant Buy” and “Instant Sell” features for fast trades
- Ideal for those who are getting started with cryptocurrency
- Ideal for those who want to gradually grow their bitcoin or Ethereum holdings
- Payments from as little as $20 per week
Cons
- Only bitcoin and Ethereum available
- Transactions are limited to $2,000 per month
- Four-day time delay between making your payment and receiving your bitcoin
- Limited to New Zealand accounts
Compare Vimba against other exchanges
Next steps
If you’ve considered the alternatives and want to get started with Vimba, it’s free to sign up. All you need is a bitcoin or Ethereum wallet address, a mobile number and an email address. Once you’ve been approved you can begin automatic payments in exchange for bitcoin or Ethereum for as little as $20 a week. Alternatively, you could make use of the “Instant Buy” feature to buy up to $2,000 worth of bitcoin or Ethereum.